/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/120519.mbx T R O U B L E D C O M P A N Y R E P O R T E R Saturday, May 19, 2012, Vol. 16, No. 138 Headlines ALLEN FAMILY: Has $5,100 Net Loss in March ASCENDIA BRANDS: $3.76-Mil. Already Paid to Professionals BEAR ISLAND: Has $25 Million Cash at March 31 BUFFETS INC: Has $14-Mil. Net Loss in March CARITAS HEALTH: Has $343,000 Net Loss in March CHEF SOLUTIONS: Has $3.18 Million Cash at March 31 EVERGREEN SOLAR: Has $4.86 Million Net Loss in March FRIENDLY ICE CREAM: Has $1.06-Mil. Net Loss in January GLOBAL AVIATION: Has $20.1 Million Net Loss in March INNER CITY: ICBCY-NY Has $1.07-Mil. Profit in February NEVADA CANCER: Has $1.17 Million Net Loss in March OTERO COUNTY: Ends March With $16.4 Million in Cash PMI GROUP: Has $3.29 Million Profit in March SOLYNDRA LLC: Has $918,000 Cash at End of March SP NEWSPRINT: Has $14.2 Million Cash at March 31 TOUSA INC: Has $320.2 Million Cash at March 31 TRIDENT MICROSYSTEMS: Has $1.26 Million Cash at April 1 ********* ALLEN FAMILY: Has $5,100 Net Loss in March ------------------------------------------ Allen Family Foods, Inc., reported a net loss of $5,100 on $0 net sales during the period Feb. 26, 2012 to March 31, 2012. The company had incurred a net loss of $998,000 on sales of $45.2 million since the Chapter 11 filing. Affiliate Allen's Hatchery, Inc., had a net loss of $34,700. Allen Family's balance sheet at March 31, 2012, shows total assets of $30.5 million and total liabilities of $29.6 million. Cash and cash equivalents total $30.3 million as of the end of the period. A copy of the monthly operating report of Allen Family and its affiliates are available for free at: http://bankrupt.com/misc/Allen_Family_MOR_Mar2012.pdf http://bankrupt.com/misc/Allen_Hatchery_MOR_Mar2012.pdf http://bankrupt.com/misc/Allen_JCR_MOR_Mar2012.pdf About Allen Family Foods Allen Family Foods Inc. is a 92-year-old Seaford, Del., poultry company. Allen Family Foods and two affiliates, Allen's Hatchery Inc. and JCR Enterprises Inc., filed for Chapter 11 bankruptcy protection (Bankr. D. Del. Case No. 11-11764) on June 9, 2011. Allen estimated assets and liabilities between $50 million and $100 million in its petition. Robert S. Brady, Esq., and Sean T. Greecher, Esq., at Young, Conaway, Stargatt & Taylor, in Wilmington, Delaware, serve as counsel to the Debtors. FTI Consulting is the financial advisor. BMO Capital Markets is the Debtors' investment banker. Epiq Bankruptcy Solutions LLC is the claims and notice agent. Roberta DeAngelis, U.S. Trustee for Region 3, appointed seven creditors to serve on an Official Committee of Unsecured Creditors in the Debtors' cases. Lowenstein Sandler PC and Womble Carlyle Sandridge & Rice, PLLC, serve as counsel for the committee. J.H. Cohn LLP serves as the Committee's financial advisor. ASCENDIA BRANDS: $3.76-Mil. Already Paid to Professionals --------------------------------------------------------- Ascendia Brands Inc. ended February 2012 with $1,000 cash following cash receipts of $4,500 and cash disbursements of $4,500. The Debtor has paid professionals a total of $3.76 million since the Chapter 11 filing. A copy of the monthly operating reports for January and February of Ascendia Brands and its affiliates are available for free at: http://bankrupt.com/misc/Ascendia_Co_MOR_Feb2012.pdf http://bankrupt.com/misc/Ascendia_Co_MOR_Jan2012.pdf http://bankrupt.com/misc/Ascendia_Hermes_MOR_Feb2012.pdf http://bankrupt.com/misc/Ascendia_Hermes_MOR_Jan2012.pdf http://bankrupt.com/misc/Ascendia_Inc_MOR_Feb2012.pdf http://bankrupt.com/misc/Ascendia_Inc_MOR_Jan2012.pdf http://bankrupt.com/misc/Ascendia_Lander_MOR_Feb2012.pdf http://bankrupt.com/misc/Ascendia_Lander_MOR_Jan2012.pdf http://bankrupt.com/misc/Ascendia_LI_MOR_Feb2012.pdf http://bankrupt.com/misc/Ascendia_LI_MOR_Jan2012.pdf http://bankrupt.com/misc/Ascendia_RE_MOR_Feb2012.pdf http://bankrupt.com/misc/Ascendia_RE_MOR_Jan2012.pdf About Ascendia Brands Headquartered in Hamilton, New Jersey, Ascendia Brands, Inc. -- http://www.ascendiabrands.com/-- was, prior to the sale of substantially all of its assets during bankruptcy, a manufacturer and seller of branded and private labeled health and beauty care products in North America, including Baby Magic, Binaca, Mr. Bubble, Calgon, Ogilvie, the healing garden, Lander and Lander Essentials. Remaining assets consist almost entirely of accounts receivable. The Company and six of its affiliates filed for Chapter 11 protection (Bankr. D. Del. Lead Case No. 08-11787) on Aug. 5, 2008. Kenneth H. Eckstein, Esq., and Robert T. Schmidt, Esq., at Kramer Levin Naftalis & Frankel LLP, represent the Debtors in their restructuring efforts. M. Blake Cleary, Esq., Edward J. Kosmoswki, Esq., and Patrick A. Jackson, Esq., at Young, Conaway, Stargatt & Taylor, LLP, serve as the Debtors' Delaware counsel. Epiq Bankruptcy Solutions LLC is the notice, claims and balloting agent to the Debtors. At July 5, 2008, Ascendia Brands, Inc., had $194.8 million in total assets and $279.0 million in total liabilities. BEAR ISLAND: Has $25 Million Cash at March 31 --------------------------------------------- Bear Island Paper Co., reported net income of $877,000 in March 2012 on sales of more than $13 million. The operating profit in the month was also $877,000. Bear Island's balance sheet at March 31, 2012, shows $147.6 million in total assets and $8.12 million in current liabilities and $152.2 million in liabilities subject to compromise. Cash at the end of the month was $25.05 million. A copy of the operating report is available for free at: http://bankrupt.com/misc/Bear_Island_MOR_Mar2012.pdf About Bear Island Canada-based White Birch Paper Company is the second largest newsprint producer in North America. As of Dec. 31, 2009, the White Birch Group held a 12% share of the North American newsprint market and employed roughly 1,300 individuals (the majority of which reside in Canada). Bear Island Paper Company, L.L.C., is a U.S.-based unit of White Birch. Bear Island filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Va. Case No. 10-31202) on Feb. 24, 2010. At June 30, 2011, the Company had $141.9 million in total assets, $153.2 million in total liabilities, and a stockholders' deficit of $11.3 million. White Birch filed for bankruptcy protection under Canada's Companies' Creditors Arrangement Act, before the Superior Court for the Province of Quebec, Commercial Division, Judicial District of Montreal, Canada. White Birch and five other affiliates -- F.F. Soucy Limited Partnership; F.F. Soucy, Inc. & Partners, Limited Partnership; Papier Masson Ltee; Stadacona Limited Partnership; and Stadacona General Partner, Inc. -- also sought bankruptcy protection under Chapter 15 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No. 10-31234). Jonathan L. Hauser, Esq., at Troutman Sanders LLP, in Virginia Beach, Virginia Beach, serves as counsel to White Birch in the Chapter 11 case. Richard M. Cieri, Esq., Christopher J. Marcus, Esq., and Michael A. Cohen, Esq., at Kirkland & Ellis LLP, in New York, serve as counsel to Bear Island. Jonathan L. Hauser, Esq., at Troutman Sanders LLP, in Virginia Beach, Virginia, serve as co-counsel to Bear Island. AlixPartners LLP serves as financial and restructuring advisors to Bear Island, and Lazard Freres & Co., serves as investment banker. Garden City Group is the claims and notice agent. Jason William Harbour, Esq., at Hunton & Williams LLP, in Richmond, Virginia, represents the Official Committee of Unsecured Creditors. Chief Judge Douglas O. Tice, Jr., handles the Chapter 11 and Chapter 15 cases. Bear Island was authorized by the bankruptcy judge in November 2010 to sell the business to a group consisting of Black Diamond Capital Management LLC, Credit Suisse Group AG and Caspian Capital Advisors LLC. Bear Island's Chapter 11 plan is currently on the court calendar for May 16. Under the plan proposed by the subsidiary of Canada's White Birch Paper Co., first- and second-lien creditors with $424.9 million and $105 million in claims, respectively, should recover between 0.5 percent and 4 percent. Unsecured creditors with $1.4 million in claims are to receive the same dividend. BUFFETS INC: Has $14-Mil. Net Loss in March ------------------------------------------- Buffets Restaurant Holdings Inc., et al., reported a consolidated net loss of $13.95 million on sales of $77.3 million in March 2012. The Debtors' consolidated balance sheet as of March 31, 2012 shows total assets of $508.0 million and total liabilities of $531.2 million. Cash and cash equivalents were $28.4 million as of March 31, 2012. A copy of the MOR is available for free at: http://bankrupt.com/misc/Buffets_MOR_Mar2012.pdf About Buffets Inc. Buffets Inc., the nation's largest steak-buffet restaurant company, operates 494 restaurants in 38 states, comprised of 483 steak-buffet restaurants and 11 Tahoe Joe's Famous Steakhouse(R) restaurants, and franchises 3 steak-buffet restaurants in two states. The restaurants are principally operated under the Old Country Buffet(R), HomeTown(R) Buffet, Ryan's(R) and Fire Mountain(R) brands. Buffets employs 28,000 team members and serves 140 million customers annually. Buffets Inc. and all of its subsidiaries filed Chapter 11 petitions (Bankr. D. Del. Lead Case No. 12-10237) on Jan. 18, 2012, after it reached a restructuring support agreement with 83% of its lenders to eliminate virtually all of the Company's roughly $245 million of outstanding debt. In its schedules Buffets Inc. disclosed $384,810,974 in assets and $353,498,404 in liabilities. The Debtors are seeking to reject leases for 83 underperforming restaurants. Buffets had 626 restaurants when it began its prior bankruptcy case (Bankr. D. Del. Case Nos. 08-10141 to 08-10158). It emerged from bankruptcy in April 2009. Higher gasoline and energy costs, along with a decline in guest count, have hampered the Debtors' ability to service their long- term debt and caused a liquidity strain, forcing the Company to return to Chapter 11 bankruptcy. In the new Chapter 11 case, Buffets Inc.'s legal advisors are Paul, Weiss, Rifkind, Wharton & Garrison LLP and Young, Conaway, Stargatt & Taylor, LLP. The Company's financial advisor is Moelis, Inc. Epiq Bankruptcy Solutions LLC serves as claims, noticing and balloting agent. An ad hoc committee of secured lenders is represented by Willkie Far & Gallagher LLP and Blank Rome LLP as counsel and Conway, Del Genio, Gries & Co. as financial advisors. Credit Suisse, as DIP Agent and Prepetition First Lien Agent, is represented by Skadden Arps Slate Meagher & Flom as counsel. The U.S. Trustee has appointed a 5-member Official Committee of Unsecured Creditors in the Debtors' cases. In March 2012, Buffets Inc. received court approval for an incentive bonus program that may pay as much as $2.3 million to executives if cash flow targets are met. There was an April 30 hearing schedule on another program to pay bonuses for a successful sale of the business that could cost $2.7 million. In April 2012, Buffets Inc. filed an amended bankruptcy exit plan that proposes to pay $4 million to a pool of unsecured creditors who are owed more than $44 million. Unsecured creditors are expected to recover about 9% of their claims. CARITAS HEALTH: Has $343,000 Net Loss in March ---------------------------------------------- Caritas Health Care Inc. reported a net loss of $343,000 on gross revenue of $2,455 in March 2012. The Debtor had incurred a net loss of $14.9 million on gross revenue of $29.7 million since the Chapter 11 filing. Caritas Health's balance sheet at March 31, 2012, shows total assets of $32.6 million and total liabilities, all prepetition, of $161.4 million. A copy of the monthly operating reports of Caritas Health and affiliate Caritas Medical Services PC are available at: http://bankrupt.com/misc/Caritas_Health_MOR_Mar2012.pdf http://bankrupt.com/misc/Caritas_Medical_MOR_Mar2012.pdf About Caritas Health Care Caritas Health Care Inc. was the owner of Mary Immaculate Hospital and St. John's Queens Hospital. Caritas, created by Wyckoff Heights Medical Center, purchased the two hospitals in a bankruptcy sale in early 2007 from St. Vincent Catholic Medical Centers of New York. St. John's has 227 generate acute-care beds while Mary Immaculate has 189. Caritas Health Care, Inc., and eight of its affiliates sought chapter 11 protection (Bankr. E.D.N.Y., Case No. 09-40901) on Feb. 6, 2009. Jeffrey W. Levitan, Esq., and Adam T. Berkowitz, Esq., at Proskauer Rose, LLP, represent the Debtors. Martin G. Bunin, Esq., and Craig E. Freeman, Esq., at Alston & Bird LLP, represent the official committee of unsecured creditors. Caritas sold the hospitals to Joshua Guttman in November 2009 for $17.7 million. The Debtors have filed a Chapter 11 plan that implements the distribution of the proceeds of asset sales to holders of allowed claims, and provides for liquidation of any remaining assets and a process for recovery of any causes of action belonging to the Debtors' and their estates. CHEF SOLUTIONS: Has $3.18 Million Cash at March 31 -------------------------------------------------- Chef Solutions, Inc., reported total assets of $6.28 million and total liabilities of $39.9 million as of March 31, 2012. Cash and cash equivalents were $3.18 million as of March 31. Chef Solutions has reported $0 revenue since it sold the business in November. Chef Solutions, however, incurred a net loss in the past four months on account of selling, general and administration expenses and payment for professional fees. In March it paid professionals $148,000 and in February $224,000. A copy of the operating reports from January to March 2012 is available for free at: http://bankrupt.com/misc/Chef_Solutions_MOR_Mar2012.pdf http://bankrupt.com/misc/Chef_Solutions_MOR_Feb2012.pdf http://bankrupt.com/misc/Chef_Solutions_MOR_Jan2012.pdf About Chef Solutions Chef Solutions, through subsidiary Orval Kent Food, was the second largest manufacturer in North America of fresh prepared foods for retail, food service and commercial channels. Chef Solutions and its affiliates filed for Chapter 11 protection (Bankr. D. Del. Case No. 11-13139) on Oct. 4, 2011. Debtor Orval Kent Food Company disclosed $82,902,336 in assets and $126,085,311 in liabilities in its schedules. The Debtor was renamed to Food Processing Liquidation Holdings LLC, following the sale of most of the assets to RMJV, L.P., a joint venture between Mistral Capital Management LLC and Reser's Fine Foods Inc. In addition to debt assumption, the price included $35.9 million in cash to pay off secured debt plus a $25.3 million credit bid. The Debtors entered into an asset purchase agreement with RMJV on the Petition Date. On Nov. 15, 2011, the Court approved the APA and the sale, and on Nov. 21, the sale closed. Judge Kevin Gross presides over the case. Lawyers at Richards, Layton & Finger, P.A., serve as the Debtors' bankruptcy counsel. Donlin Recano is the claims and notice agent. Piper Jaffray & Co. has been hired as investment banker. PricewaterhouseCoopers serves as financial advisor. Lowenstein Sandler PC and Polsinelli Shughart serve as counsel to the creditors' committee appointed in the case. Mesirow Financial Consulting, LLC, is the financial advisor. Chef Solutions has won confirmation of its liquidating plan. The plan projected to give unsecured creditors with $32 million in claims a recovery between 0.5% and 5%. EVERGREEN SOLAR: Has $4.86 Million Net Loss in March ---------------------------------------------------- Evergreen Solar Inc., which has sold its assets, reported a net loss of $4.86 million on $0 revenue in March 2012. The Debtor has incurred a net loss of $202.3 million since the Chapter 11 filing. Reorganization expenses totaled $4.01 million in March and $172.3 million since the Chapter 11 filing. The balance sheet shows total assets of $23.6 million and total prepetition liabilities of $325.5 million and postpetition liabilities of $2.02 million. A copy of the operating report is available for free at: http://bankrupt.com/misc/Evergreen_Solar_MOR_Mar2012.pdf About Evergreen Solar Evergreen Solar, Inc. -- http://www.evergreensolar.com/-- developed, manufactured and marketed String Ribbon solar power products using its proprietary, low-cost silicon wafer technology. The Marlboro, Mass.-based Company filed for Chapter 11 bankruptcy (Bankr. D. Del. Case No. 11-12590) on Aug. 15, 2011, before Judge Mary F. Walrath. The Company's balance sheet at April 2, 2011, showed $373,972,000 in assets, $455,506,000 in total liabilities, and a stockholders' deficit of $81,534,000. Ronald J. Silverman, Esq., and Scott K. Seamon, Esq., at Bingham McCutchen LLP, serve as general bankruptcy counsel to the Debtor. Laura Davis Jones, Esq., and Timothy P. Cairns, Esq., at Pachulski Stang Ziehl & Jones LLP, serve as co-counsel. Hilco Industrial LLC serves as exclusive marketing and sales agent. Klehr Harrison Harvey Branzburg serves as special conflicts counsel. Zolfo Cooper LLC is the financial advisor. UBS Securities, LLC, serves as investment banker. Epiq Bankruptcy Solutions has been tapped as claims agent. In conjunction with the Chapter 11 filing, the Company entered into a restructuring support agreement with certain holders of more than 70% of the outstanding principal amount of the Company's 13% convertible senior secured notes. As part of the bankruptcy process the Company will undertake a marketing process and will permit all parties to bid on its assets, as a whole or in groups pursuant to 11 U.S.C. Sec. 363. An entity formed by the supporting noteholders, ES Purchaser, LLC, entered into an asset purchase agreement with the Company to serve as a 'stalking-horse" and provide a "credit-bid" pursuant to the Bankruptcy Code for assets being sold. The supporting noteholders are represented by Michael S. Stainer, Esq., and Natalie E. Levine, Esq., at Akin Gump Strauss Hauer & Feld LLP, in New York. An official committee of unsecured creditors has retained Pepper Hamilton and Kramer Levin Naftalis & Frankel as counsel. The Committee tapped Garden City Group as communications services agent. Evergreen Solar is at least the fourth solar company to seek court protection from creditors since August 2011. Other solar firms are start-up Spectrawatt Inc., which also filed in August, Solyndra Inc., which filed early in September, and Stirling Energy Systems Inc., which filed for Chapter 7 bankruptcy late in September. Evergreen sold the assets piecemeal in three auctions. Max Era Properties Ltd. from Hong Kong paid $6 million cash and $3.2 million in stock of China Private Equity Investment Holdings Ltd. for the company name, intellectual property, and wafermaking assets. Kimball Holdings LLC paid $3.8 million for solar panel inventory while the secured lenders exchanged $21.5 million of their $165 million claim for a $171 million claim against Lehman Brothers Holdings Inc. Max Era Properties Limited and Sovello AG bought equipment and machinery located at the Debtor's Devens, Massachusetts facility for $8.9 million. There's a June 4 hearing to consider approval of the disclosure statement explaining Evergreen's plan. The Plan is based on a settlement with the unofficial committee of unsecured creditors and the secured noteholders. FRIENDLY ICE CREAM: Has $1.06-Mil. Net Loss in January ------------------------------------------------------ Friendly Ice Cream Corp., now known as Amicus Wind Down Corp., and its affiliates reported a consolidated net loss of $1.06 million on total revenue of $7.72 million for the month ended Jan. 29, 2012. The Debtors have paid a total of $2.06 million to professionals since the start of the case. The Debtors' consolidated balance sheet show total assets of $12.3 million and total liabilities of $370.4 million as of March 31, 2012. Cash was $11.6 million. A copy of the operating report is available at http://bankrupt.com/misc/Friendly_Ice_Cream_MOR_Jan2012.pdf About Friendly Ice Cream Friendly Ice Cream Corp. -- http://www.friendlys.com/-- the owner and franchiser of 490 full-service, family-oriented restaurants and provider of ice cream products in the Eastern United States, filed for Chapter 11 reorganization together with four affiliates (Bankr. D. Del. Lead Case No. 11-13167) on Oct. 5, 2011, to sell the business mostly in exchange for debt to Sundae Group Holdings II LLC, a unit of Sun Capital Partners Inc. The existing owner and holder of the Debtors' second-lien debt are also affiliates of Sun Capital. Friendly's, based in Wilbraham, Massachusetts, also announced the closing of 63 stores, leaving about 424 operating. Franchise operators have about 230 of the locations. Judge Kevin Gross oversees the case. James A. Stempel, Esq., Ross M. Kwasteniet, Esq., and Jeffrey D. Pawlitz, Esq., at Kirkland & Ellis LLP; and Laura Davis Jones, Esq., Timothy P. Cairns, Esq., and Kathleen P. Makowski, Esq., at Pachulski Stang Ziehl & Jones LLP, serve as the Debtors' bankruptcy counsel. Zolfo Cooper serves as the Debtors' financial advisors. In its petition, Friendly Ice Cream Corp. estimated $100 million to $500 million in assets and debts. The petitions were signed by Steven C. Sanchioni, executive vice president, chief financial officer, treasurer, and assistant secretary. Friendly's is one of two companies under Sun Capital's portfolio to file for bankruptcy in a span of two days. Mexican-food chain Real Mex, which operates restaurants such as Chevys, filed in Delaware bankruptcy court on Oct. 3, 2011. On Oct. 12, 2011, the U.S. Trustee appointed the Committee. The Committee currently consists of seven members. The Committee selected Akin Gump Straus Hauer & Feld LLP and Blank Rome LLP to serve as co-counsel to the Committee, and FTI Consulting to serve as the Committee's financial advisor. A Sun Capital affiliate, Sundae Group Holdings, offered to pay about $120 million for the business. The price includes enough cash to pay first-lien debt and an amount of cash for unsecured creditors to be negotiated with the official creditors' committee. Aside from cash, Sun Capital made a credit bid from the $267.7 million in second-lien, pay-in-kind notes. On Dec. 29, 2011, the Bankruptcy Court entered an order approving the sale to Sundae Group. The sale closed on Jan. 9, 2012. Friendly Ice Cream Corp. was renamed to Amicus Wind Down Corporation following the sale. Friendly's was one of two companies under Sun Capital's portfolio to file for bankruptcy in a span of two days. Mexican-food chain Real Mex, which operates restaurants such as Chevys, filed in Delaware bankruptcy court on Oct. 3, 2011. There's a June 5 hearing to consider confirmation of the Debtor's liquidating plan. Unsecured creditors and the Pension Benefit Guaranty Corp. are expected to recover between 1.6% and 3.2% under the plan. GLOBAL AVIATION: Has $20.1 Million Net Loss in March ---------------------------------------------------- Global Aviation Holdings Inc., et al., reported a consolidated net loss of $20.1 million on $52.3 million of revenue during March 1 to March 31, 2012. Reorganization expense during the month was $20.0 million. The Debtors reported total assets of $572.4 million and total liabilities of $526.5 million as of March 31, 2012. Cash was $43.8 million. A copy of the operating report is available at http://bankrupt.com/misc/Global_Aviation_MOR_Mar2012.pdf About Global Aviation Holdings Global Aviation Holdings Inc., based in Peachtree City, Ga., is the parent company of North American Airlines and World Airways. Global is the largest commercial provider of charter air transportation for the U.S. military, and a major provider of worldwide commercial global passenger and cargo air transportation services. North American Airlines, founded in 1989 and based in Jamaica, N.Y., operates passenger charter flights using B757-200ER and B767-300ER aircraft. World Airways, founded in 1948 and based in Peachtree City, Ga., operates cargo and passenger charter flights using B747-400 and MD-11 aircraft. Global Aviation, along with affiliates, filed Chapter 11 petitions (Bankr. E.D.N.Y. Case No. 12-40783) on Feb. 5, 2012. Global's lead counsel in connection with the restructuring is Kirkland & Ellis LLP and its financial advisor is Rothschild. Kurtzman Carson Consultants LLC is the claims agent. The Debtors disclosed $589.8 million in assets and $493.2 million in liabilities as of Dec. 31, 2011. Liabilities include $146.5 million on 14% first-lien secured notes and $98.1 million on a second-lien term loan. Wells Fargo Bank NA is agent for both. Global said it will use Chapter 11 to shed 16 of 30 aircraft. In addition, Global said it will use Chapter 11 to negotiate new collective bargaining agreements with its unions and deal with liabilities on multi-employer pension plans. On Feb. 13, 2012, the U.S. Trustee for Region 2 appointed a seven member official committee of unsecured creditors in the case. The Committee tapped Lowenstein Sandler PC as its counsel, and Imperial Capital, LLC as its financial advisor. INNER CITY: ICBCY-NY Has $1.07-Mil. Profit in February ------------------------------------------------------ Inner City Media Corp. and its affiliates did not file consolidated financial statements for their monthly operating reports. One affiliate, ICBCY-NY LLC, reported a net profit of $1.07 million on $2.46 million of gross revenue in February 2012. The Debtor had $92.6 million in assets, including $993,000 in cash and liabilities of $2.76 million as of Feb. 29, 2012. Copies of the operating reports are available at: http://bankrupt.com/misc/Inner_City_IBCYNY_Broadcast_MOR_Feb2012.pdf http://bankrupt.com/misc/Inner_City_ICBCNY_BH_MOR_Feb2012.pdf http://bankrupt.com/misc/Inner_City_ICBCNY_MOR_Feb2012.pdf http://bankrupt.com/misc/Inner_City_Media_MOR_Feb2012.pdf http://bankrupt.com/misc/Inner_City_MOR_Feb2012.pdf http://bankrupt.com/misc/Inner_City_UR_I_MOR_Feb2012.pdf http://bankrupt.com/misc/Inner_City_UR_II_MOR_Feb2012.pdf http://bankrupt.com/misc/Inner_CIty_UR_III_MOR_Feb2012.pdf http://bankrupt.com/misc/Inner_City_UR_IV_MOR_Feb2012.pdf http://bankrupt.com/misc/Inner_City_UR_LLC_MOR_Feb2012.pdf http://bankrupt.com/misc/Inner_City_UR_Miss_MOR_Feb2012.pdf http://bankrupt.com/misc/Inner_City_UR_MOR_Feb2012.pdf About Inner City Media Corp. On Aug. 23, 2011, affiliates of Yucaipa and CF ICBC LLC, Fortress Credit Funding I L.P., and Drawbridge Special Opportunities Fund Ltd., signed involuntary Chapter 11 petitions for Inner City Media Corp. and its affiliates (Bankr. S.D.N.Y. Case Nos. 11-13967 to 11-13979) to collect on a $254 million debt. The Petitioning Creditors are party to the senior secured credit Facility pursuant to which they (or their predecessors in interest) extended $197 million in loans to the Alleged Debtors to be used for general corporate purposes. More than two years ago, the Alleged Debtors defaulted under the Senior Secured Credit Facility, and in any event the entire amount of principal and accrued and unpaid interest and fees became immediately due and payable on Feb. 13, 2010. Inner City Media's affiliates subject to the involuntary Chapter 11 are ICBC Broadcast Holdings, Inc., Inner-City Broadcasting Corporation of Berkeley, ICBC Broadcast Holdings-CA, Inc., ICBC- NY, L.L.C., ICBC Broadcast Holdings-NY, Inc., Urban Radio, L.L.C., Urban Radio I, L.L.C., Urban Radio II, L.L.C., Urban Radio III, L.L.C., Urban Radio IV, L.L.C., Urban Radio of Mississippi, L.L.C., and Urban Radio of South Carolina, L.L.C. Judge Shelley C. Chapman granted each of Inner City Media Corporation and its debtor affiliates relief under Chapter 11 of the United States Code. The decision came after considering the involuntary petitions, and the Debtors' answer to involuntary petitions and consent to entry of order for relief and reservation of rights. Attorneys for Yucaipa Corporate Initiatives Fund II, L.P. and Yucaipa Corporate Initiatives (Parallel) Fund II, L.P. are John J. Rapisardi, Esq., and Scott J. Greenberg, Esq., at Cadwalader, Wickersham & Taft LLP. Attorneys for CF ICBC LLC, Fortress Credit Funding I L.P., and Drawbridge Special Opportunities Fund Ltd. are Adam C. Harris, Esq., and Meghan Breen, Esq., at Schulte Roth & Zabel LLP. Akin Gump Strauss Hauer & Feld LLP serves as the Debtors' counsel. Rothschild Inc. serves as the Debtors' financial advisors and investment bankers. GCG Inc. serves as the Debtors' claims agent. The United States Trustee said that an official committee under 11 U.S.C. Sec. 1102 has not been appointed in the bankruptcy case of Inner City Media because an insufficient number of persons holding unsecured claims against the Debtor has expressed interest in serving on a committee. NEVADA CANCER: Has $1.17 Million Net Loss in March -------------------------------------------------- Nevada Cancer Institute, which has sold its assets, reported a net loss of $1.17 million on $0 net sales during the month of March 2012. Professional fees of $359,000 contributed to the loss. Total assets as of March 31, 2012, were $93.0 million and total liabilities were $141.5 million. Cash and cash equivalents totaled $6.2 million. A copy of the operating report is available at http://bankrupt.com/misc/Nevada_Cancer_MOR_Mar2012.pdf About Nevada Cancer Founded in 2002, Nevada Cancer Institute is a nonprofit cancer institute committed to advancing the frontiers of knowledge of cancer and reducing the burden of cancer on the people of Nevada.. It formerly maintained a state-of-the-art outpatient cancer treatment and research facility in the Summerlin area of Las Vegas. Nevada Cancer Institute filed for bankruptcy (Bankr. D. Nev. Case No. 11-28676) on Dec. 2, 2011, blaming mounting financial pressures arising from the protracted decline in the economy, decreases in medical reimbursement rates from managed care payor entities, increases in operational costs, decreases in the amount and availability of charitable donations, a reduction in research funding opportunities and increased competition. Lisa Madar signed the petition as secretary. Klee, Tuchin, Bogdanoff & Stern LLP, serves as the Debtor's bankruptcy counsel; Lewis and Roca LLP as reorganization co- counsel; Alvarez & Marsal Healthcare Industry Group LLC as the Debtor's restructuring advisors. Kurtzman Carson Consultants LLC serves as the Debtor's claims and noticing agent. Chief Bankruptcy Judge Mike K. Nakagawa, who oversees the case, ruled in January that the appointment of a patient care ombudsman is not necessary. Robert J. Feinstein, Esq., Samuel R. Maizel, Esq., and Shirley s. Cho., at Pachulski Stang Ziehl & Jones LLP, represent the Official Committee of Unsecured Creditors as counsel. Lenard E. Schwartzer, Esq., and Jeanette E. McPherson, Esq., at Schwartzer & McPherson Law Firm, represents the Committee as local counsel. Counsel for Bank of America, N.A., as agent for the prepetition lenders, are Craig A. Barbarosh, Esq., and Karen B. Dine, Esq., at Pillsbury Winthrop Shaw Pittman LLP. The Debtor underwent a significant prepetition operational restructuring, and, after filing for bankruptcy, sold key assets to the Regents of the University of California, on behalf of its UC San Diego Health System, for $18 million in a Court-approved sale pursuant to Bankruptcy Code section 363 that closed Jan. 31, 2012. The Regents of the University of California on behalf of its UC San Diego Health System, is represented by James W. Kapp, III, Esq., and Gary B. Gertler, Esq., at McDermott Will & Emery. OTERO COUNTY: Ends March With $16.4 Million in Cash --------------------------------------------------- In its latest monthly operating report, Otero County Hospital reported that funds received during the month of March 2012 totaled $7.97 million, including $7.5 million from net cash sales. Disbursements totaled $10.4 million, which included $495,000 in professional fees. At the end of the month, the Debtor had $16.4 million in cash. A copy of the document is available for free at: http://bankrupt.com/misc/Otero_County_HA_MOR_Mar2012.pdf About Otero County Hospital Otero County Hospital Association Inc. filed for Chapter 11 protection (Bankr. D. N.M. Case No. 11-13686) in Albuquerque, New Mexico, on Aug. 16, 2011. The Alamogordo, New Mexico-based nonprofit developed and operates the Gerald Champion Regional Medical Center. GCRMC serves a total population of approximately 70,000 people. Otero County Hospital Association also does business as Mountain View Catering. Judge Robert H. Jacobvitz presides over the case. Craig H. Averch, Esq., and Roberto J. Kampfner, Esq., at White & Case, LLP, in Los Angeles; and John D. Wheeler, Esq., at John D. Wheeler & Associates, PC, in Alamogordo, New Mexico, serve as bankruptcy counsel. Kurtzman Carson Consultants, LLC, serves as claims agent. The Debtor disclosed $124,186,104 in assets and $40,506,759 in liabilities as of the Chapter 11 filing. Alice Nystel Page, U.S. Trustee for Region 20, appointed five creditors to serve on the Official Committee of Unsecured Creditors of the Debtor. Gardere Wynne Sewell LLP serves as the Committee's counsel. The Committee tapped James Morell of JCM Advisors, LLC, as healthcare management consultant. The U. S. Trustee appointed E. Marissa Lane PLLC as patient care ombudsman on Sept. 13, 2011. No trustee or examiner has been requested or appointed in the Chapter 11 Case. PMI GROUP: Has $3.29 Million Profit in March -------------------------------------------- The PMI Group Inc. has zero revenue in March 2012 but reported net income of $3.29 million. Equity earnings of $4.62 million allowed the company to generate profit. The balance sheet at March 31, 2012, shows $233.5 million in assets and $768.0 million in liabilities as of March 31, 2012. Cash was $164.1 million as of March 31. A copy of the operating report is available at http://bankrupt.com/misc/The_PMI_Group_MOR_Mar2012.pdf About The PMI Group Del.-based The PMI Group, Inc., is an insurance holding company whose stock had, until Oct. 21, 2011, been publicly-traded on the New York Stock Exchange. Through its principal regulated subsidiary, PMI Mortgage Insurance Co., and its affiliated companies, the Debtor provides residential mortgage insurance in the United States. The PMI Group filed for Chapter 11 bankruptcy (Bankr. D. Del. Case No. 11-13730) on Nov. 23, 2011. In its schedules, the Debtor disclosed $167,963,354 in assets and $770,362,195 in liabilities. Stephen Smith signed the petition as chairman, chief executive officer, president and chief operating officer. The Debtor said in the filing that it does not have the financial resources to pay the outstanding principal amount of the 4.50% Convertible Senior Notes, 6.000% Senior Notes and the 6.625% Senior Notes if those amounts were to become due and payable. The Debtor is represented by James L. Patton, Esq., Pauline K. Morgan, Esq., Kara Hammond Coyle, Esq., and Joseph M. Barry, Esq., at Young Conaway Stargatt & Taylor LLP. The Official Committee of Unsecured Creditors appointed in the case retained Morrison & Foerster LLP and Womble Carlyle Sandridge & Rice, LLP, as bankruptcy co-counsel. Peter J. Solomon Company serves as the Committee's financial advisor. SOLYNDRA LLC: Has $918,000 Cash at End of March ----------------------------------------------- Solyndra LLC ended March 2012 with $918,000 following a net operating cash flow of negative $309,000. But Solyndra declared a net loss of $164.6 million on revenue of $404,000. "Other expenses" of $162 million were blamed for most of the loss. Solyndra had $503.6 million in total assets and $903.5 million in total liabilities as of March 31. A copy of the operating report is available at http://bankrupt.com/misc/Solyndra_LLC_MOR_Mar2012.pdf About Solyndra LLC Founded in 2005, Solyndra LLC was a U.S. manufacturer of solar photovoltaic solar power systems specifically designed for large commercial and industrial rooftops and for certain shaded agriculture applications. The Company had 968 full time employees and 211 temporary employees. Solyndra has sold more than 500,000 of its panels since 2008 and generated cumulative sales of over $250 million. Fremont, California-based Solyndra and affiliate 360 Degree Solar Holdings Inc. sought Chapter 11 bankruptcy protection (Bankr. D. Del. Lead Case No. 11-12799) on Sept. 6, 2011. Solyndra is at least the third solar company to seek court protection from creditors since August 2011. Judge Mary F. Walrath presides over the Debtors' cases. The Debtors are represented by Pachulski Stang Ziehl & Jones LLP as legal adviser. AlixPartners LLP serves as noticing claims and balloting agent. Imperial Capital LLC serves as the company's investment banker and financial adviser. The Debtors also tapped former Massachusetts Governor William F. Weld, now with the law firm McDermott Will & Emery, to represent the company in government investigations and related litigation. BDO Consulting, a division of BDO USA, LLP, as financial advisor and BDO Capital Advisors, LLC, serves as investment banker for the creditors' panel. Roberta A. DeAngelis, U.S. Trustee for Region 3, appointed seven unsecured creditors to serve on the Official Committee of Unsecured Creditors of Solyndra LLC. The Committee has tapped Blank Rome LLP as counsel. In October 2011, the Debtors hired Berkeley Research Group, LLC, and designated R. Todd Neilson as Chief Restructuring Officer. Solyndra is at least the fourth solar company to seek court protection from creditors since August 2011. Other solar firms are Evergreen Solar and start-up Spectrawatt Inc., both of which filed in August, and Stirling Energy Systems Inc., which filed for Chapter 7 bankruptcy late in September. Solyndra owed secured lenders $783.8 million, including $527.8 million to the U.S. government pursuant to a federal loan guarantee, and held assets valued at $859 million as of the Petition date. The U.S. Federal Financing Bank, owned by the U.S. Treasury Department, is the Company's biggest lender. When they filed for Chapter 11, the Debtors pursued a two-pronged strategy to effectuate either a sale of their business to a "turnkey" buyer who may acquire substantially all of Solyndra's assets or, if the Debtors were unable to identify any potential buyers, an orderly liquidation of the assets for the benefit of their creditors. Solyndra did not receive acceptable offers to buy the business as a going concern. Two auctions late last year brought in a total of $8 million. A three-day auction in February generated another $3.8 million. SP NEWSPRINT: Has $14.2 Million Cash at March 31 ------------------------------------------------ SP Newsprint Co LLC in March 2012 had total receipts of $35.1 million and disbursements of $433.5 million. SP Recycling Corp. disclosed receipts of $4.44 million and disbursements of $10.8 million. The Debtors had $14.2 million in cash at the end of the month. A copy of the operating report is available at: http://bankrupt.com/misc/SP_Newsprint_MOR_Mar2012.pdf About SP Newsprint Greenwich, Conn.-based SP Newsprint Holdings LLC -- aka Bulldog Acquisition I LLC, Bulldog Acquisition II LLC, Publishers Papers, Southeastern Paper Recycling and SP Newsprint Merger LLC -- and three affiliates, SP Newsprint Co. LLC, SP Recycling Corporation and SEP Technologies L.L.C, filed for Chapter 11 bankruptcy (Bankr. D. Del. Lead Case No. 11-13649) on Nov. 15, 2011. SP Newsprint Holdings LLC is a newsprint company controlled by polo-playing mogul Peter Brant. It is one of the largest producers of newsprint in North America. SP Recycling Corporation, a Georgia corporation and the Debtors' other operating company, was established in 1980 as a means for SP to secure a ready supply of recycled fiber, a key raw material for its newsprint. SP Newsprint is the second Brant-owned newsprint company to tumble into bankruptcy proceedings in recent years. Current and former affiliated entities are Bear Island Paper Company, L.L.C., Brant Industries, Inc., F.F. Soucy, Inc., Soucy Partners Newsprint, Inc., White Birch Paper Company. Judge Christopher S. Sontchi presides over the case. Joel H. Levitin, Esq., Maya Peleg, Esq., and Richard A. Stieglitz Jr., Esq. -- jlevitin@cahill.com , mpeleg@cahill.com and rstieglitz@cahill.com -- at Cahill Gordon & Reindel LLP serve as the Debtors' lead counsel. Lee E. Kaufman, Esq., and Mark D. Collins, Esq. -- kaufman@rlf.com and collins@RLF.com -- at Richards, Layton & Finger, P.A., serve as the Debtors' Delaware counsel. AlixPartners LLP serves as the Debtors' financial advisors and The Garden City Group Inc. serves as the Debtors' claims and noticing agent. SP Newsprint Co., LLC, disclosed $317,992,392 in assets and $322,674,963 in liabilities as of the Chapter 11 filing. The petitions were signed by Edward D. Sherrick, executive vice president and chief financial officer. The Official Committee of Unsecured Creditors is represented by Lowenstein Sandler PC. Ashby & Geddes, P.A., serves as its Delaware counsel, and BDO Consulting serves as its financial advisor. TOUSA INC: Has $320.2 Million Cash at March 31 ---------------------------------------------- TOUSA Inc., et al., have $320.2 million cash as of March 31, 2012. During the month, the company had $20.4 million in receipts and $925,000 in disbursements. A copy of the operating report is available at http://bankrupt.com/misc/Tousa_MOR_Mar2012.pdf About TOUSA Inc. Headquartered in Hollywood, Florida, TOUSA, Inc. (Pink Sheets: TOUS) -- http://www.tousa.com/-- fka Technical Olympic U.S.A. Inc., dba Technical U.S.A., Inc., Engle Homes, Newmark Homes L.P., TOUSA Homes Inc. and Newmark Homes Corp. is a leading homebuilder in the United States, operating in various metropolitan markets in 10 states located in four major geographic regions: Florida, the Mid-Atlantic, Texas, and the West. The Debtor and its debtor-affiliates filed for separate Chapter 11 protection on Jan. 29, 2008 (Bankr. S.D. Fla. Case No. 08-10928). Richard M. Cieri, Esq., M. Natasha Labovitz, Esq., and Joshua A. Sussberg, Esq., at Kirkland & Ellis LLP, in New York, N.Y.; and Paul S. Singerman, Esq., at Berger Singerman, in Miami, Fla., represent the Debtors in their restructuring efforts. Lazard Freres & Co. LLC is the Debtors' investment banker. Ernst & Young LLP is the Debtors' independent auditor and tax services provider. Kurtzman Carson Consultants LLC acts as the Debtors' Notice, Claims & Balloting Agent. TOUSA's direct subsidiary, Beacon Hill at Mountain's Edge LLC dba Eagle Homes, filed for Chapter 11 Protection on July 30, 2008 (Bankr. S.D. Fla. Case No. 08-20746). It estimated assets and debts of $1 million to $10 million in its Chapter 11 petition. The official committee of unsecured creditors has filed a proposed chapter 11 liquidating plan for Tousa. However, the committee said it would no longer pursue approval of its liquidation plan because of the pending appeal of its fraudulent transfer case in the U.S. Court of Appeals for the Eleventh Circuit. A district court in February 2011 held that the bankruptcy judge was wrong in ruling that lenders who were paid off received fraudulent transfers when Tousa gave liens on subsidiaries' properties to bail out and refinance a joint venture. Daniel H. Golden, Esq., and Philip C. Dublin, Esq., at Akin Gump Strauss Hauer & Feld LLP, in New York, N.Y., represent the creditors committee. The Tousa committee filed a Chapter 11 plan in July 2010 based on an assumption it would win the appeal. TRIDENT MICROSYSTEMS: Has $1.26 Million Cash at April 1 ------------------------------------------------------- Trident Microsystems Inc. as of April 1, 2012, had cash of $1.26 million. During the period Feb. 27 to April 1, cash inflows totaled $128 million and total outflows were $5.55 million. Professional fees paid totaled $73,300. A copy of the operating report is available for free at http://bankrupt.com/misc/Trident_MOR_Mar2012.pdf About Trident Microsystems Sunnyvale, California-based Trident Microsystems, Inc., currently designs, develops, and markets integrated circuits and related software for processing, displaying, and transmitting high quality audio, graphics, and images in home consumer electronics applications such as digital TVs, PC-TV, and analog TVs, and set- top boxes. The Company has research and development facilities in Beijing and Shanghai, China; Freiburg, Germany; Eindhoven and Nijmegen, The Netherlands; Belfast, United Kingdom; Bangalore and Hyderabad, India; Austin, Texas; and Sunnyvale, California. The Company has sales offices in Seoul, South Korea; Tokyo, Japan; Hong Kong and Shenzhen, China; Taipei, Taiwan; San Diego, California; Mumbai, India; and Suresnes, France. The Company also has operations facilities in Taipei and Kaoshiung, Taiwan; and Hong Kong, China. Trident Microsystems and its Cayman subsidiary, Trident Microsystems (Far East) Ltd. filed for Chapter 11 bankruptcy protection (Bankr. D. Del. Lead Case No. 12-10069) on Jan. 4, 2011. Trident said it expects to shortly file for protection in the Cayman Islands. Judge Christopher S. Sontchi presides over the case. Lawyers at DLA Piper LLP (US) serve as the Debtors' counsel. FTI Consulting, Inc., is the financial advisor. Union Square Advisors LLC serves as the Debtors' investment banker. PricewaterhouseCoopers LLP serves as the Debtors' tax advisor and independent auditor. Kurtzman Carson Consultants is the claims and notice agent. Trident had $310 million in assets and $39.6 million in liabilities as of Oct. 31, 2011. The petition was signed by David L. Teichmann, executive VP, general counsel & corporate secretary. Trident Microsystems, Inc., closed on the sale of certain of its assets pursuant to the previously disclosed Asset Purchase Agreement dated as of Jan. 4, 2012, as amended, by and among Trident, certain of Trident's wholly-owned subsidiaries and Entropic Communications, Inc. The aggregate consideration received by Trident for the purchase of Trident's Set Top Box (STB) system-on-a-chip assets was comprised of $65 million in cash plus the assumption of certain liabilities. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. 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